Demand Grows for Better Infill Sites in Tucson

KB Homes has New Infill Subdivision in Northwest

TUCSON, Arizona — KB Home closed on a 17+ acres for a new infill project at the southwest corner of La Cholla and Corral Ridge Loop in Northwest Tucson near OMNI Tucson National Golf Resort. The property commanded a sale price of $5.4 million. KB Homes purchased the land from HSL Properties of Tucson.

The property sold as raw land with number of lots still undetermined by KB Homes. A portion of The Fairways at Tucson National II subdivision, the subdivision is being rebranded Montaretto Estates according to the billboard.

Will White and John Carrol of the Land Advisors Organization in Tucson facilitated the transaction for buyer and seller.

“We are continuing to see high demand for better infill sites. These opportunities are becoming fewer and farther between and this is another great example of identifying a great location and being proactive when the right opportunity presents itself,” White said.

“This is one of Tucson’s better infill locations and sites. Close to so many amenities and a property with great access and views. It’s very rare to find all these attributes come together these days. It is a great site,” continued White.

White and Carrol should be reached at 520.514.7454 for more information.

To learn more, see RED Comp #4356.

Van Horne Elementary School, Tucson, AZ

Pepper Viner Homes adds Elementary School Site in Northeast

Pepper Viner Homes purchased the Eastside Van Horne Elementary School from Tucson Unified School District for $1.4 million. The buyer paid for rezoning to R-1, platting and engineering costs of the 9 acres.

Pepper Viner is expected to pay $32,500 per lot for infrastructure improvements, which makes the cost to buyer approximately $3.16 million, with an average lot size of 40’ x 100’.

Van Horne Elementary School opened in 1975. It is named after James “Doc” Van Horne, an administrator, teacher and coach who served at Tucson and Pueblo high schools before retiring in 1959. The school that has been boarded-up school since 2010 and was torn down for the 54-SFR lot infill project this month.

Van Horne Elementary School was one of several schools that TUSD closed because of declining enrollment and state budget cuts several years ago.

The district says it has lost more than $20 million in capital funding since 2008.

Proceeds from public school sales, by law, must go to capital projects such as maintenance of existing schools. The money cannot go toward salaries or raises.

James Marian, CCIM, with Chapman Lindsey Commercial Real Estate Services in Tucson handled the transaction for the buyer.

For more information, Marian can be reached at 520.747.4000.

To learn more, see RED Comp #4357.




Time is Ripe for NW Tucson Medical Office Expansion

5910 N La Cholla Blvd. Tucson (courtesy photo)
5910 N La Cholla Blvd. Tucson (courtesy photo)

Taking advantage of low interest rates and costs, spurred by a rising economy and looking to the future, physicians in Northwest Tucson are finding it an ideal time for medical office expansion.

Tucson Endocrine Associates (Dr. Alexander Zwart and Dr. David Alster) purchased the 4,190-square-foot medical building at 5910 N La Cholla Boulevard in Tucson for $920,000 ($219.57 PSF). Wanting to expand from its current 2,719-square-feet office at 6050 N Corona Road and stay within the Northwest Medical Campus area Tucson Endocrine Associates sold its Corona building in March to Sonoran Behavioral Health Hospital in a reverse 1031 exchange, with USGE Holdings of Arizona XXII LLC facilitating.

Tucson Endocrine Associates is one of many healthcare providers expanding, contributing to a boon in medical office sales in Northwest Tucson. Doug Marsh with Oxford Realty Advisors in Tucson told us this was the third time he had sold the building at 5910 N La Cholla Blvd and represented the seller, Four Legged LLC in this transaction.

“Business-smart physicians are looking to the future,” said Marsh, “for some, the timing is right for expansion. In addition to low interest rates and construction costs, a large selection of buildings that once housed failed businesses are for sale or lease.”

Such was the case with the office condo at 1631 West Ina that had never been occupied and was sitting vacant, in shell condition, for many years waiting for the right occupant.

Four Legged LLC (Jeanette K Wend, trustee) dba NNS Clinical Research, a neuroscience research clinic, sold the 5910 N La Cholla building for expanded space in 7,462-square-feet at 1631 West Ina Road, Tucson that was bought in December 2014. The tenant improvements of the West Ina building having been shell condition, took a bit longer than expected and postponed the move for not only Tucson Endocrine Associates but also the Sonoran Behavioral Health expansion into their new location.

Once TI’s are complete, all the parties should be prepared to shuffle into new places.

David Volk and Bruce Suppes with CBRE in Tucson represented the buyer at 5910 N La Cholla Blvd, Tucson Endocrine Associates; while Doug Marsh and Lori Casey of Oxford Advisors represented the seller, Four Legged LLC.

Dean Cotlow of Cotlow Company represented the seller, Amigo Properties, at 1631 W Ina Road and Doug Marsh represented the buyer, Jeanette K Wendt for NNS Clinical Research.

The buyer and seller of 6050 N Corona Road were self-represented in that transaction.

For more details on the sale of 6050 N Corona Road, Tucson see RED Comp #2761, details on 1631 W Ina Road, Tucson see RED Comp #2308. For additional information on the sale of 5910 N La Cholla Blvd, see RED Comp #1402 and #2888.

 

 

 




5.95 Acres Northwest Tucson with Entitlements going to Auction April 29th

Thornydale looking south
Thornydale looking south

Chicago, IL.- Managing Director of CBRE Auction Services, Douglas Johnson, announced last week that + 5.95 Acres with entitlements in Northwest Tucson will be sold at online auction. The property is located on Thornydale Road, just north of Ina Road in Tucson, AZ.  The online auction will be held on Tuesday, April 29th, 2014. The opening bid is $350,000.

“This is a unique investment opportunity in the Tucson, AZ metropolitan area which is just about shovel ready.” said Mr. Johnson. The site overlooks the intersection of Ina Road and Thornydale Road in unincorporated Pima County, Arizona. Thornydale is the main North/South arterial road that links traffic from the Northwest corridor to Central Tucson. The site is easily accessible to retail stores and restaurants located nearby, including two power centers and two neighborhood centers. The land is zoned TR, Transitional, by Pima County.

Thornydale & Ina Roads, Marana
Thornydale & Ina Roads, Marana

“The property’s elevation provides unequaled views of the Tucson Valley.  Frontage along Ina Road provides excellent visibility for a variety of uses that may include office, medical, and multi-family residential.” added Patrick Connell, Managing Director, CBRE Auction Services.

The development plans yield approximately 50,702 square feet of office space comprised of five separate buildings. Approximately 1.19 acres of natural desert open space will divide the property into two distinct sections, allowing for phasing.

The property will be available for inspection at 10:00am MT local time on Tuesday April 8th at 10:00am MT, local time. Please note: All property inspections require registration with CBRE and begin promptly.  Please arrive at the designated meeting place a few minutes early to complete the required inspection registration form. To register for a property inspection please click the link below or call CBRE Auction Services at  (800) 815-1038.

The online auction will open with bidding at $350,000. An initial earnest money deposit of $25,000 is required in order to participate. The online auction will be held on April 29th, 2014. Property inspections will be held on April 9th and April 16th by appointment only. CBRE representatives will be available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this, and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at (800) 815-1038.
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